According to the latest Royal Lepage Millenial demographic survey; While buyers have moved to the sidelines as they wait to see the results of rising interest rates on property prices, the need for housing has not gone away. We could see another surge after this cool down period when buyers re-enter the market.
- 60% of Canadian millennials who do not currently own a home believe they will one day, however, 52% of them say they would have to relocate in order to achieve this milestone
- Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years
Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada.